Monday, August 8

Economy

UP government appoints Deloitte India as consultant
Economy

UP government appoints Deloitte India as consultant

The Uttar Pradesh cabinet on Tuesday appointed Deloitte Touche Tohmatsu India as consultant to achieve the target of making the state a $1-trillion economy. The consultant quoted a bid price of Rs 120 crore. Others in the fray were Boston Consulting Group and Grand Thorton. Giving details of the decision, agriculture minister Surya Pratap Shahi said the Prime minister wants to turn India’s economy to a $5 trillion. Taking a cue from that, Uttar Pradesh chief minister Yogi Adityanath had a vision of turning UP into a $1 trillion economy. “The consultant will provide us with a mission and departmental reforms will be made accordingly,” he said. UP’s GSDP in 2020-21, in nominal terms, was Rs 17.2 trillion, roughly the same level as in 2019-20. According to the fresh request for proposal (R...
Economy on course to achieve 8-8.5% growth based on Q1 data: FinMin
Economy

Economy on course to achieve 8-8.5% growth based on Q1 data: FinMin

Finance ministry on Tuesday said that the economy is on course to achieve projected 8-8.5 per cent growth based on high-frequency indicators for the first quarter of the current fiscal. The Economic Survey tabled in the Parliament on January 31, 2022 projected the real GDP during 2022-23 to grow at 8.0-8.5 per cent. “Since then, sustained growth momentum has been observed in several High Frequency Indicators (HFIs), indicating that the projected growth path is on course in the first quarter of FY 2022-23,” minister of state for finance Pankaj Chaudhary said in a written reply to Rajya Sabha.
Govt weighs import curb options: Tight vigil on irrational spike in any segment
Economy

Govt weighs import curb options: Tight vigil on irrational spike in any segment

Economists expect the current account deficit to widen to 3% of GDP in FY23 from 1.2% from a year. The government has stepped up scrutiny of imports to identify irrational spikes in any segment, official and industry sources told FE, amid indications that “non-essential imports” could be targeted should the situation so warrant. Separately, the finance ministry told Parliament on Tuesday that the government and the central bank are closely monitoring inflation and “are ready to take appropriate action”. The government has also tightened its vigil of the global price movements of various commodities and their impact on the Indian economy through trade, minister of state for finance Pankaj Chaudhary said in a written reply in the Rajya Sabha. The overall impact of the exchange rate ...
Packaged food item sales rising in rural areas
Economy

Packaged food item sales rising in rural areas

Segments like food, snacks and lower price-point products have already seen reasonable demand in July so far, said Sanjeev Asthana, CEO at Patanjali Foods. By Kritika Arora Rural areas have started seeing an improvement in sales of packaged food products in the last few weeks, according to some fast moving consumer goods (FMCG) companies. The companies attribute this uptick in sales to better affordability due to high agricultural commodity prices last year and forecast of normal monsoons. Segments like food, snacks and lower price-point products have already seen reasonable demand in July so far, said Sanjeev Asthana, chief executive officer at Patanjali Foods. Rural incomes were decent last year due to high agri commodity prices. With more affordability coming in and price point...
What’s going on with the global economy? A chief economist’s view
Economy

What’s going on with the global economy? A chief economist’s view

Days ahead of the WEF’s Annual Meeting, it’s clear that one of the main topics of discussion will be the global economy. The Forum will publish its regular Chief Economists Outlook there, and one of the chief economists who contributes to that survey is Janet Henry, Global Chief Economist at HSBC. She spoke to the Radio Davos podcast about the headwinds in a global economy battered by COVID-19, and now by Russia’s invasion of Ukraine and the knock on effects of that around the world. We started by asking Janet Henry about inflation. This is an edited transcript. Impact of inflation on the global economy Janet Henry, Global Chief Economist at HSBC: Inflation was already at a multi-decade high in many places when the current commodity price shock struck. A stronger than expec...
The New Champion Dialogues 2022: Navigating Uncertainty
Economy

The New Champion Dialogues 2022: Navigating Uncertainty

Entrepreneurial leaders from business, government and civil society will gather virtually for The New Champion Dialogues. Held on 18-19 July 2022, the meeting will convene targeted discussions under the theme Navigating Uncertainty and include over 1,100 participants from around the word. The virtual exchange is taking place as the world continues to face tremendous international and domestic uncertainty and disruption. Meanwhile, extraordinary levels of entrepreneurship and resilience across sectors has also been witnessed. The summit’s virtual meetings dive into these issues, focusing on a host of relevant topics including economic stability, technological innovation and climate change, among others. What are the New Champion Dialogues? Since 2007, the Annual Meeting of the New Ch...
Women in work: how companies in Chile reduced gender pay gap
Economy

Women in work: how companies in Chile reduced gender pay gap

The impact on closing the gender pay gap. The Gender Parity Accelerator in Chile has significantly improved the professional prospects of women in the workforce. By bringing together leaders from the private and public sectors, the accelerator has enhanced the quality of work for more than 130,000 local women – the equivalent of 7% of salaried employees in Chile’s private sector. Data indicates that the three-year accelerator programme, led by the Ministry of Women and Gender Equality and implemented with guidance and support from the World Economic Forum and the Inter-American Development Bank, Chile has effectively promoted female representation in member companies, which include Accenture, Cargill, IBM, Invest Chile, LatAm Airlines, Microsoft, Nestlé, PwC, SAP, Salmon Chile, Siemens...
Global smartphone shipments fall 9% in second qtr amid economic downturn
Economy

Global smartphone shipments fall 9% in second qtr amid economic downturn

Global smartphone shipments fell 9 per cent (year on year) in the second quarter (Q2) this year as Samsung led with a 21 per cent market share, a new report has said. Apple came second with a 17 per cent market share as the iPhone 13 remained in high demand. Xiaomi, OPPO and vivo continued to struggle in China, suffering double-digit declines to take 14 per cent, 10 per cent and 9 per cent market shares, respectively, according to research firm Canalys. Demand has started to wane following economic headwinds and regional uncertainty, the report noted. "Vendors were forced to review their tactics in Q2 as the outlook for the smartphone market became more cautious," said Canalys Research Analyst Runar Bjorhovde. Economic headwinds, sluggish demand and inventory pileup have res...
China’s economic growth falls to 0.4% amid virus shutdowns
Business, Economy

China’s economic growth falls to 0.4% amid virus shutdowns

The world's second-largest economy shrank by 2.6%, compared with the January-March period's already weak quarter-on-quarter rate of 1.4%, official data showed Friday. Compared with a year earlier, which can hide recent fluctuations, growth slid to a weak 0.4% from the earlier quarter's 4.8%. Beijing: China's economy contracted in the three months ending in June compared with the previous quarter after Shanghai and other cities were shut down to fight coronavirus outbreaks, but the government said a stable recovery is under way after businesses reopened. The world's second-largest economy shrank by 2.6%, compared with the January-March period's already weak quarter-on-quarter rate of 1.4%, official data showed Friday. Compared with a year earlier, which can hide recent fluctuations, g...
Germany says it has no good alternatives to Russian energy — but not everyone is convinced
Economy

Germany says it has no good alternatives to Russian energy — but not everyone is convinced

Arshak Makichyan, Russian environmental activist and violinist, plays his violin while two young environmental activists next to him hold banners reading 'Oil, Gas, Coal = War' and 'Stop Fuelling the War and Terror' in front of the Russian embassy in Berlin, Germany on May 6, 2022. "We're now on alert stage two," said German Ambassador to Canada Sabine Sparwasser. "People are asked to change heating systems, people are asked to cut down on their consumption. And our energy ministry even said you can cut down on the shower time." Last month, Russia reduced the flow of gas through the Nord Stream One pipeline by 60 per cent. Right now, the flow is shut off completely for a maintenance period that ostensibly ends on July 21. A week ago, the government of Prime Minister Justin Trudeau...